The Ombudsman Foundation is a private nonprofit organization providing dispute resolution and conflict management training. TheFoundation had the following preclosing trial balance at December 31, 2024, the end of its fiscal year:Account:Accounts payableAccounts receivable (net)Accrued interest receivableAccumulated depreciation.CashContributed servicesContributions-no restrictionsContributions-purpose restrictionsContributions-endowmentCurrent pledges receivableEducation program expensesFund-raising expensesInvestment revenue-purpose restrictionsTraining seminars expensesLand, buildings, and equipmentLong-term investmentsManagement and general expensesNet assets without donor restrictionsNet assets with donor restrictionsNet gains on endowments-no restrictionsNoncurrent pledges receivableProgram service revenue-no restrictionsDebits$47,70016,700117,30080,8001,538,100124,3004,550, 1005,614,7002,743,500408,600390, 200Credits$25,100267,400215,6003,459,30027,0002,446,000796,0002,122,70092,500487,4002,047,00018,400Postemployment benefits payable (long-term)Reclassification-Satisfaction of program restrictionsReclassification-Satisfaction of time restrictionsReclassification-Satisfaction of program restrictionsReclassification-Satisfaction of time restrictionsResearch program expensesShort-term investmentsSupplies inventoryTotalsRequired:a. Prepare closing entries for the year-end, using separate entries for each net asset classification.b. Prepare a Statement of Activities for the year ended December 31, 2024.5,978,100200,900267,400215,6001,282,700751,90033,800$18,183,400 $18, 183,400

Not-for-profit organizations are established to serve a particular mission or purpose, such as…

The Ombudsman Foundation is a private nonprofit organization providing dispute resolution and conflict management training. The Foundation had the following preclosing trial balance at December 31, 2024, the end of its fiscal year: Account: Accounts payable Accounts receivable (net) Accrued interest receivable Accumulated depreciation Cash Contributed services Contributions-no restrictions Contributions-purpose restrictions Contributions-endowment Current pledges receivable Education program expenses Fund-raising expenses Investment revenue-purpose restrictions Debits $47,700 16,700 117,300 80,800 1,538,100 124,300 4 FRA 100 Credits $25,100 3,459,300 27,000 2,446,000 796,000 2,122,700 92,500

The Ombudsman Foundation is a private nonprofit organization providing dispute resolution and conflict management training. The Foundation had the following preclosing trial balance at December 31, 2024, the end of its fiscal year: Account: Accounts payable Accounts receivable (net) Accrued interest receivable Accumulated depreciation Cash Contributed services Contributions-no restrictions Contributions-purpose restrictions Contributions-endowment Current pledges receivable Education program expenses Fund-raising expenses Investment revenue-purpose restrictions Debits $47,700 16,700 117,300 80,800 1,538,100 124,300 4 FRA 100 Credits $25,100 3,459,300 27,000 2,446,000 796,000 2,122,700 92,500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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